AI in Oil And Gas Industry to See Robust Expansion, Valued at $6.6 Billion by 2029

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What Is the Projected CAGR for the AI in Oil And Gas Market from 2024 to 2025?_x000D_
In past years, the AI in oil and gas market has experienced a fast-paced rise in size. Its growth is expected to shoot from $3.59 billion in 2024 to approach $4.04 billion by 2025, with a compound annual growth rate (CAGR) calculated at 12.3%. Causes for this significant growth throughout the historical period include an increase in data within the industry, bettered operational efficacy, automating redundant tasks, enhanced safety measures, refining of exploration and drilling methods, and improved management of reservoirs._x000D_
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What are the Expected Market Size and CAGR for AI in Oil And Gas by 2029?_x000D_
In the coming years, the AI in oil and gas market size is expected to surge significantly. The projection suggests market growth to $6.6 billion by 2029, expanding at a compound annual growth rate (CAGR) of 13.1%. The growth perceived in the prediction period can be credited to advancements in autonomous operations, cybersecurity implementations, integration of energy transitions, adoption of dynamic pricing strategies, planning for resilience, and responses to global market volatility. Several major trends forecasted for this period include the application of digital twins for asset modeling, deployment of autonomous operations and robotics, incorporation of advanced analytics in reservoir management, usage of cognitive computing for decision making, advent of cloud-based AI solutions, and remote monitoring and control._x000D_
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https://www.thebusinessresearchcompany.com/report/ai-in-oil-and-gas-global-market-report_x000D_
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Which Factors Are Driving the Global AI in Oil And Gas Market Expansion?_x000D_
The surge in energy demand is anticipated to boost the expansion of the AI in oil and gas market. Energy demand signifies the amount of energy consumers, industries, or a specific area needs or calls for at a particular time. Data related to energy demand aids oil and gas firms in enhancing resource distribution. AI algorithms are capable of examining energy usage patterns and pinpoint areas where resources can be allocated more effectively, thereby minimising waste and expenses. For example, as per the European Commission, a Belgium-based government authority, the target for energy efficiency is set at 20% by 2020 and a minimum of 35% by 2030, in August 2023. Consequently, the surge in energy demand is fuelling the expansion of the AI in oil and gas market._x000D_
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Which Segment Currently Holds the Largest Share of the AI in Oil And Gas Market?_x000D_
The AI in oil and gas market covered in this report is segmented - _x000D_
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1) By Type: Hardware, Software, Hybrid_x000D_
2) By Function: Predictive Maintenance And Machinery Inspection, Material Movement, Production Planning, Field Services, Quality Control, Reclamation_x000D_
3) By Process: Reservoir Optimization, Drilling Optimization, Production Optimization, Safety Management, Other Processes_x000D_
4) By Technology: Internet Of Things (IoT), Advance Analytics, Robotics, Cloud Computing, Mobility, Other Technologies_x000D_
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Subsegments:_x000D_
1) By Hardware: AI-Powered Sensors, Edge Computing Devices, Robotics And Drones _x000D_
2) By Software: Machine Learning Platforms, Data Analytics Software, Predictive Maintenance Solutions, Visualization Tools _x000D_
3) By Hybrid: Integrated AI Systems, Cloud-Based AI Solutions, IoT And AI Combined Platforms _x000D_
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Which Major Trends Are Shaping the Future of the AI in Oil And Gas Industry?_x000D_
Key players in the AI for oil and gas market are prioritizing the creation of high-tech solutions such as AI instruments to drive performance optimization, advance predictive maintenance and elevate safety and efficiency levels. AI instruments involve sophisticated software and calculations aimed to make sense of data, streamline workflow, predict equipment breakdowns and improve decision-making in oil and gas operations. For example, Indosat, a company from Indonesia providing Internet services, introduced a series of AI-operated, cloud-based solutions in July 2024. This solution boosts operational productivity by introducing automated tasks and strategically managing resources, resulting in significant cost reduction. Moreover, they facilitate data-informed decision-making through the quick assessment of extensive datasets, thereby enhancing productivity throughout the enterprise._x000D_
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Which Key Players Dominate the AI in Oil And Gas Industry Globally?_x000D_
Major companies operating in the AI in oil and gas market are The International Business Machines Corporation, Microsoft Corporation, accenture* PLC, Google LLC, Intel Corporation, Schlumberger Limited, Halliburton Company, Baker Hughes Company, National Oilwell Varco Inc., Weatherford International PLC, TechnipFMC PLC, Wood PLC, ABB Ltd, Siemens AG, Honeywell International Inc., Emerson Electric Co., General Electric Company, Rockwell Automation Inc., Schneider Electric SE, Yokogawa Electric Corporation, Mitsubishi Electric Corporation, Toshiba Corporation, Hitachi Ltd., Panasonic Corporation, NEC Corporation, Fujitsu Limited, Samsung Electronics Co. Ltd., LG Electronics Inc., Sony Corporation, Oracle Corporation, Numenta Corporation, Sentient Technologies Inc. _x000D_
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What Are the Fastest-Growing Regions in the AI in Oil And Gas Market?_x000D_
North America was the largest region in the AI in oil and gas market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the AI in oil and gas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa._x000D_
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